Recent studies have established that many compounds composed of disc-shaped molecules exhibit stable thermotropic liquid crystalline phases. They are now referred to as discotic liquid crystals. Structurally, most of them fall into two distinct categories, the columnar and the nematic. The columnar phase, in its simplest form, has long-range translational periodicity in two dimensions and liquid-like disorder in the third, whereas the nematic phase is an orientationally ordered arrangement of discs without any long-range translational order. This review article describes the detailed structures of the various discotic phases and some of their important physical properties.